A Texas-headquartered solar power and battery energy storage developer said it has completed construction financing for a utility-scale project being built as part of a joint venture with an Israel-based group.
San Antonio-based OCI Energy, along with longtime Israeli solar power company Arava Power, said the Project SunRoper solar farm in Wharton County, Texas, represents a $394-million investment. The two companies worked with ING Capital, an international banking group, to secure financing. It’s the first project for the three companies together, and the second between OCI Energy and ING, who previously worked on funding for the Alamo City Battery Energy Storage System (BESS) project. The Alamo City installation is a 120-MW/480-MWh standalone BESS in Bexar County, Texas.
ING Capital is underwriting the financing package for SunRoper, which includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit. The companies on February 23 said ING Capital serves as sole coordinating lead arranger, sole bookrunner, and sole green loan coordinator, and will also act as administrative agent. The construction financing is supported by a 20-year power purchase agreement (PPA) with an unnamed Fortune 100 company.
Other collaborators on Project SunRoper include:
- BHI and Bank of Hapoalim, which provided financing support and letters of credit to support the
development of the project. - Foley & Lardner LLP provided legal counsel to the SunRoper joint venture between OCI Energy
and Arava Power. - Skadden, Arps, Slate, Meagher & Flom LLP represented ING.
- WHC, LLC will serve as the engineering, procurement, and construction contractor.
- Black & Veatch is acting as the technical advisor.
“The close of construction financing for Project SunRoper represents an important milestone for OCI
Energy and our partners,” said Sabah Bayatli, president of OCI Energy. “This transaction reflects our
continued commitment to deliver high-quality, utility-scale solar projects that strengthen grid reliability
and provide affordable energy infrastructure.”
“Arava Power is entering a pivotal phase of growth, and the U.S. market is a central pillar of our long‑term
strategy,” said Ilan Zidkony, CEO of Arava Power. “Project SunRoper highlights the strength of our
collaboration with OCI Energy. Our teams have operated with exceptional alignment and a shared
commitment to excellence—securing the strongest commercial package, finalizing financing, and
completing a long‑term busbar PPA with a major U.S. energy company to advance the project toward
construction. SunRoper is a strategic milestone that supports our vision of building more than 1 GW of
solar capacity in the United States within the next two years.”
“We are grateful for the opportunity to support OCI Energy and Arava Power on the financing of Project
SunRoper,” said Sven Wellock, managing director at ING. “This project exemplifies the high‑quality
renewable infrastructure we seek to finance—a strong sponsor partnership, a long‑term contracted
revenue profile, and a well‑located asset in one of the most dynamic power markets in the United States.
We are proud to build on our existing relationship with OCI Energy and to partner with Arava Power on
its continued expansion in the U.S. market, advancing a project that will deliver reliable, affordable clean
energy for years to come.”
Project SunRoper is located about 60 miles southwest of Houston, Texas. The installation is expected to begin commercial operation in 3Q2027.
OCI Energy, founded in 2012, is a developer, owner, and operator of utility-scale solar and battery energy storage projects. The company has a diverse nationwide portfolio of projects, and is targeting up to 10 GW of generation capacity by 2028.
Arava Power is an Israeli utility-scale renewables developer and independent power producer. The company said it pioneered the Israeli utility-scale photovoltaic market in 2007. The company develops, owns, and
operates a multi-gigawatt portfolio of solar energy and energy storage assets in Israel and the U.S.
ING Capital LLC is a financial services firm serving corporate and institutional clients. The company is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base.
—Darrell Proctor is a senior editor for POWER.
